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A Call for Judgment Amar Bhide (Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Tufts University. Professor of Business)

A Call for Judgment von Amar Bhide (Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Tufts University. Professor of Business)

Zusammenfassung

A Call for Judgment explains in a clear way how bad theories and mis-regulation have caused a dangerous divergence between the real economy and modern finance. It is essential reading for anyone interested bringing the economy back to a point at which decisions can be made that foster organic economic growth without the potentially disastrous risks currently accepted by modern finance.

A Call for Judgment Zusammenfassung

A Call for Judgment: Sensible Finance for a Dynamic Economy Amar Bhide (Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Tufts University. Professor of Business)

Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment-and bear responsibility for outcomes. And it is through dialogue and relationships that widespread enterprise is fostered, not merely prices in anonymous markets. Yet modern finance blatantly neglects these necessary elements for enterprise, and the dynamism of the real economy is stifled. For the last several decades finance has become increasingly centralized, distanced, and mechanistic. Instead of thousands of lending officers making judgments about borrowers who they know, credit decisions are the output of the models of a few Wall Street wizards and credit agencies whose mistakes have widespread, sometimes disastrous consequences. A Call for Judgment explains in a clear way how bad theories and mis-regulation have caused this dangerous divergence between the real economy and finance. Bhide accessibly lays out how so-called advances in modern finance helped mass-produce toxic products, based on backward-looking, top-down models that have no place in today's dynamic and decentralized world. Thanks to excessively tight securities laws and loose banking laws, anonymous transactions have displaced relationship-based finance. Returning to relationships and case-by-case judgment requires at a minimum tough rules that limit banks-and all deposit taking institutions-to basic lending and nothing else. Financing the Venturesome Economy is essential reading for anyone interested bringing the economy back to a point at which decisions can be made that foster organic economic growth without the potentially disastrous risks currently accepted by modern finance.

A Call for Judgment Bewertungen

a valuable contribution to our understanding of financial markets. * Mark Calabria, Barron's *
I greatly enjoyed this book. It covers a lot of ground and might, therefore, seem daunting. Significantly, though, I found it an increasingly compelling read and concluded that it delivers an impressive and valuable contribution to what ought to remain an absolutely central issue from the perspective of the proper functioning of the plumbing of our economic system and, therefore, our future well-being. * Ian Harwood, Chief Economist, Evolution Securities, The Society of Business Economists *
a very impressive effort, full of fascinating connections and shrewd observations * Robert Teitelman, The Deal *
Events have raised large questions about the academic theories supporting the concept that our heavily 'engineered' financial markets are self-disciplined and efficiently allocate capital. Amar Bhide's skeptical analysis should stimulate basic reconsideration. * Paul Volcker, chairman of the Economic Recovery Advisory Board and former chairman of the Federal Reserve *
This great book, Amar Bhide's third in a decade, is an essential and distinct contribution in our hour of need. It first reformulates how modern capitalism does what it does best - innovation. Then, in high gear, it shows us how our capitalism has been brought down by a thousand cuts: the idea that rational investors always know precisely what they're doing, the perversion of the banking industry, the errors of deregulation and the striking errors in some new regulations. A Call for Judgment is not a cry for some auto da fe on Wall Street but rather a brilliant and reasoned plea for a basic revamp of our capitalist institutions so as to regain the dynamism of old. * Edmund S. Phelps, McVickar Professor of Political Economy and Director of the Center on Capitalism and Society, Columbia University, and 2006 Nobel laureate in Economics *
A Call for Judgment is an intellectual firecracker - full of wisdom, common sense, and hard-hitting reform proposals. Few other writers, if any, can match Amar Bhide's deep knowledge of economic theory and historical detail with his first-hand experience in both entrepreneurship and real-world finance. It's hard to imagine a more useful analysis or guide for what must now be done. * Thomas K. McCraw, Straus Professor of Business History, Emeritus, Harvard Business School, author of Prophet of Innovation: Joseph Schumpeter and Creative Destruction *
A Call for Judgment presents many interesting insights on necessary innovations in the world of today and tomorrow. Amar Bhide prompts also some conclusions for improving the rules and ways for future banking-supervision in the United States. This book is a very positive contribution to a necessary debate. * Hans Tietmeyer, former president, Deutsche Bundesbank *
Amar Bhide's analysis of the economic crisis that exploded on us a few years ago is extremely informative and thought provoking. He writes from an experience both in business, where he could see what was going on around him, and in academia, where he has had the time to study and reflect on what happened and why. Bhide's discussion of what we need to do to avoid a recurrence is illuminating and persuasive. * Richard R. Nelson, George Blumenthal Professor of International and Public Affairs, Business, and Law, Emeritus, Columbia University and winner of the 2006 Honda Prize and co-author of An Evolutionary Theory of Economic Change *

Über Amar Bhide (Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Tufts University. Professor of Business)

Amar Bhide is Schmidheiny Professor at the Fletcher School of Law and Diplomacy, Tufts University.

Inhaltsverzeichnis

PREFACE; INTRODUCTION; PART 1: ORDERING THE INNOVATION GAME: BEYOND DECENTRALIZATION AND PRICES; PART 2: WHY IT BECAME SO; ACKNOWLEDGMENTS; NOTES; REFERENCES; INDEX

Zusätzliche Informationen

GOR004012672
9780199756070
0199756074
A Call for Judgment: Sensible Finance for a Dynamic Economy Amar Bhide (Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Schmidheiny Professor at the Fletcher School of Law and Diplomacy,, Tufts University. Professor of Business)
Gebraucht - Sehr Gut
Gebundene Ausgabe
Oxford University Press Inc
20101104
368
N/A
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